By : Sabatini Chatterjee
On June 25, 2021 the Central Government through Central Board of Direct Taxes (CBDT) has announced income tax exemptions for financial assistance received by people from employers and others for treatment of COVID19.
As per CBDT, many taxpayers have got economicalaid and assistance from their employers/well-wishers for meeting their expenses incurred for treatment of COVID19 infection. Thus, in order to certify that no income tax legal responsibility arises on this account, it has been decided to provide income-tax exemption to the amount received by a taxpayer for medical treatment from employer or from any person for treatment of COVID19 during Fiscal Year (FY) of 2019-20 and successive years to come.
The central tax department also prolonged the outstanding date of various submissions, such as the last date of linkage of Aadhaar with PAN from June 30 to September 30, 2021.As well as last date for payment under “Vivad se Vishwas” (without extra amount) which was earlier extended to June 30, 2021 is further extended to August 31, 2021. The final date of payment under “Vivad se Vishwas” (with extra amount) has been notified as October 31, 2021.
The due date for providing TDS statement for the last (January-March) quarter (Q1) of the 2020-21 has been extended to July 15, from June 30, 2021, while quarterly statement in Form 15CC to be provided by government approved dealer for remittances made for the June quarter would have to provided by July 31, 2021. Furthermore, the time limit for furnishing Equalization Levy Statement in Form No. 1 for the Financial Year (FY) 2020-21, has been stretched by a month till July 31, 2021, whereas for dealing out Equalisation Levy returns the time limit has been prolonged by 3 months till September 30, 2021.
The author works as a Research Assistant at the Cultural Research Institute, Kolkata under Backward Class Welfare Department, Government of West Bengal.